Take a look at these scrreen shots. I created the sphere on the left in After Effects CS6 using the CC Sphere preset. On the right is a sphere I created in Photoshop CS6 Extended. See how the latitude lines curve on the one from PS, but are straight on the one from AE? Can anyone tell me if there is a way to tweak the efect controls on the CC Sphere preset, or maybe use another preset, or any way at all to get the sphere to distort in Y as well as in X?

Try adding the Distort>Bulge effect. The problem is that the CCSphere camera is orthographic. If you put Bulge at the bottom of the effects stack and set the radius to encompass your entire sphere you can simulate perspective.